Q. Which of the following institution is oldest of World Bank group?
Explanation: The International Bank for Reconstruction and Development is the oldest of the WB institutions which started functioning (1945) in the area of reconstruction of the war-ravaged regions (World War II) and later for the development of the middle-income and credit-worthy poorer economies of the world.
- Human development was the main focus of the developmental lending with a very low interest rate (1.55 per cent per annum)—the areas of focus being agriculture, irrigation, urban development, healthcare, family welfare, dairy development, etc. It commenced lending for India in 1949.
- After the process of reforms started in the World Bank in 2010, India was allotted additional shares in IBRD (now holds 56,739 shares accounting to US $ 6,844.7 million).
- With this India emerged as the 7th largest shareholder (up from the 11th position) in IBRD with voting power of 2.91 per cent (up from 2.77 per cent).
Source: TMH Ramesh Singh